Compensation, status, and press coverage of managers in the U.S. follow a highly skewed distribution: a small number of … books. The incidence of earnings management increases after winning awards. The effects are strongest in firms with weak … that the ex-post consequences of media-induced superstar status for shareholders are negative …

responds more to increases in shareholders' return performance than to decreases. Further, this asymmetry is stronger when …

stage, selection does not impede the promotion of behavioral managers. Instead, competitive environments oftentimes promote …

beyond traditional capital-structure determinants. First, managers who believe that their firm is undervalued view external … financing as overpriced, especially equity. Such overconfident managers use less external finance and, conditional on accessing …

and within firms, including variation in debt conservatism and in pecking-order behavior. Managers who believe that their …

market reacts significantly more negatively to takeover bids by overconfident managers …

We argue that managerial overconfidence can account for corporate investment distortions. Overconfident managers …

In this paper we examine the causal impact of competition on management quality. We analyze the hospital sector where … management quality - measured using a new survey tool - is strongly correlated with financial and clinical outcomes such as … a greater number of neighboring hospitals) is positively correlated with increased management quality, and this …

corporate decisions, though not necessarily in the interest of shareholders. First, when commercial bankers join boards … regulatory proposals, may not benefit shareholders if conflicting interests are neglected …